Rambler looks to bring Ming back to life

Vancouver – With dewatering complete and a prefeasibility study underway, Rambler Metals and Mining (RAB-V) continues to hit strong copper and gold grades at its namesake property in Newfoundland.

The Rambler property consists of two old mines, the Ming and Ming West underground operations, on the Baie Verte Penninsula. Ming last operated in 1982, after producing some 2.1 million tons of ore averaging 3.5% copper and 2.5 grams gold per tonne over ten years. Ming West operated for just two years in the mid-1990s and in that time produced 271,000 tons grading 4% copper and 5.8 grams gold. The mine shut down when workings reached a property boundary.

In 2001 Rambler Metals consolidated the properties covering the old mines and the surrounding area. The company started exploring from surface, as the old workings were flooded. When surface drilling indicated the mineralization did indeed extend beyond the historically mined areas the company set to work dewatering the workings.

With dewatering underway the company calculated a resource for the property. Measured resources came in at 484,000 tonnes averaging 2.98% copper, 2.28 grams gold, 9.6 grams silver, and 0.61% zinc. Indicated resources totalled 9.6 million tonnes grading 1.78% copper, 0.2 gram gold, 1.75 grams silver, and 0.04% zinc. Inferred resources add 3.1 million tonnes grading 1.57% copper, 0.58 gram gold, 4.29 grams silver, and 0.24% zinc.

The 1807 zone carries the highest grades on the property, with better than 4% copper and 1.5 grams gold in all categories. The study determined Ming still holds sufficient resources to sustain a 4,000-tonne-per-day operation over a 12-year mine life.

In July, after pumping 245 million gallons of water out of the Ming mine, the dewatering was complete and Rambler Metals moved drill rigs underground. Results from those rigs are now starting to come in.

The key finding is the 1806 zone, which along with the 1807 zone is part of a massive sulphide horizon, hosts significant gold, copper, and zinc grades. The zone has now been traced for 250 metres plunge, 20 metres strike, and 10 metres width. Recent results from 1806 include a 9.5-metre intercept in hole 142 that averaged 20.31 grams gold, 4.21% copper, and 4.31% zinc, as well as 15.8 metres in hole 139 grading 7.64 grams gold, 0.74% copper, and 4.19% zinc.

In a previous set of results from the 1806 zone, hole 120 hit 28.8 metres grading 10.86 grams gold, 0.77% copper, and 2.47% zinc, including 30.93 grams gold, 2.14% copper, and 7.98% zinc over 8.7 metres. Hole 123 then cut 17.9 metres grading 10.81 grams gold, 0.8% copper, and 3.21% zinc.

An historical face sample on the 2200-level of the Ming mine returned 15.6 grams gold over 2.7 metres. Rambler Metals geologists believe the sample could be from 1806 down-plunge; if true, that means 1806 plunges more than 1,000 metres. The company is drill-testing this theory.

Regardless of its plunge extent, the 1806 zone will form an important part of the initial mining plan as access drifts have already reached the zone. The high gold grades are a bonus for a company looking to start operations.

Over in the Lower Footwall zone, historic drilling intersected broad zones of stringer-type mineralization carrying 2% copper over varying widths. Ramblers punched holes into the zone to test the historic results and the new core is grading better than the old.

It seems the Lower Footwall is capable of carrying 2% copper or better over significant distances. Hole 103, for example, cut 14.3 metres grading 0.12 gram gold and 2.36% copper, while hole 114 returned 4 metres grading 0.25 gram gold and 4.48% copper. Ramblers Metals has more drilling planned for the Lower Footwall to increase confidence in that zone’s mineralization.

And the company is also looking to boost resources by mining out the remnant pillars from the historic operation. When the mine closed it left roughly 453,000 tons of 3.7% copper and 1.88 grams gold in the pillars, which were not mined because the caves were not backfilled. Rambler is working to confirm those historic resource numbers.

While the company still has considerable exploration work to accomplish it is also looking to production options. The recent resource estimate concluded that Rambler could support a 4,000-tonne-per-day operation. However, to achieve that rate would require significant investments of time and capital. As such Ramblers Metals is focusing internal plans on smaller-scale mining of the 1807 and 1806 zones, closer to the historical rate of 650 tonnes per day. The approach should allow for more rapid start-up while also minimizing start-up capital.

The company initiated a prefeasibility study a few months ago and continues its underground drilling efforts in advance of an updated resource estimate, due out in early 2009.

Rambler is currently trading at 15¢. The company has a 52-week trading range of 12¢ to $1.65 and has 59.5 million shares issued.